Apple has announced that deposits for its new Apple Card exclusive Savings account have already surpassed $10 billion.
, Apple announced that Apple Savings deposits have already crossed $10 billion, with the account only having existed for less than four months. In addition to deposits from externally linked accounts, Apple Savings also allows Apple Card customers to automatically deposit their Daily Cash to Apple Savings instead of their Apple Cash account. Incredibly, the company says that over 97% of customers chose this option.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said in a statement that Apple Savings, like“With each of the financial products we’ve introduced, we’ve sought to reinvent the category with our users’ financial health in mind. That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings.
“We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers, with a shared focus on creating a best-in-class customer experience that helps consumers lead healthier financial lives.”and Apple Card, especially since rumors have been mounting that the firm could bow out of the relationship with Apple after experiencing a loss on both products..
Apple Savings hasn’t replaced my main savings account — yet. Still, it’s nice to see the savings amount increase on the regular, and — since the money is going into savings rather than Apple Cash — I’m actually saving it instead of blowing it on a DoorDash order. We’ll see what the future holds, though.
Apple is one step away from opening a checking account, and if that happens, I imagine Apple will become all aspects of my banking outside of investments. We’ll see if they head there next — the Stocks app is waiting for its moment to truly shine!
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